Mar. 18, 2011 (Canada NewsWire Group) --
CALGARY, March 18 /CNW/ - Petrolifera Petroleum Limited ("Petrolifera") (TSX: PDP) announced today that it has completed the previously announced statutory plan of arrangement (the "Arrangement") with ("Gran Tierra Energy"). Pursuant to the Arrangement, Gran Tierra Energy acquired all of the issued and outstanding common shares of Petrolifera ("Petrolifera Shares") and all of the issued and outstanding common share purchase warrants of Petrolifera ("Petrolifera Warrants"). In connection therewith, Petrolifera shareholders received, for each Petrolifera Share held, 0.1241 of a share of Gran Tierra Energy and holders of Petrolifera Warrants received, for each Petrolifera Warrant held, 0.1241 of a common share purchase warrant of Gran Tierra Energy, with an exercise price of $9.67 per share and an expiry date of August 28, 2011.
The Arrangement was overwhelmingly supported by Petrolifera shareholders at a meeting of shareholders held in Calgary, Alberta on March 17, 2011, with 72.7 percent of the outstanding shares being voted at the meeting and 99.9 percent of the votes being in favor of the special resolution approving the Arrangement. The Arrangement was approved by the Court of Queen's Bench of Alberta on March 18, 2011.
Petrolifera is a Calgary-base crude, natural gas and natural gas liquids exploration, production and development company with extensive holdings in Argentina, Colombia and Peru.
Jason Crumley
Director, Investor Relations at Gran Tierra Energy
403-265-3221
[email protected]